Britain's property market will be turned upside down by the
vote to leave the European Union on June 23, say two prominent
housing experts.

Basically, it will lead to a faltering economy and therefore hit
prices, hinder ability to construct more homes and also
allow rich overseas investors to come in and snap up property at
a lower value.

Galliard Homes, London's largest private house builder, sent
Business Insider a statement this morning saying that a
Brexit — Britain leaving the EU — would mean "the London economy
will falter" and "the uncertainty it would cause will generate a
value drop in the property market in a very short time."

It added that if Britain leaves the EU then construction costs
"will rise by up to 15%" and that its 7,500 planned constructions
in the capital could be in jeopardy as "many site/construction
staff working in London are people who originate from countries
across the EU."

"Currently some 39% of London’s population of 8.66 million people
were not born in the UK," according to Galliard, suggesting the
EU plays a huge part in the city's property market, and a sudden
downturn in movement would cause a crash — a shockwave which
could impact the whole of the UK.

Meanwhile Peter Wetherell, a London estate agent specialising in
luxury homes, said in a separate statement sent to BI that a
Leave vote will "generate shock and turmoil" in London and result
in a Brexit bubble as rich overseas buyers would take advantage
of the plummeting Pound by making short-term, high-end
investments.

A Brexit would also create a "two-speed" marketplace, it said,
and property areas more reliant on EU buyers would go into
stagnation while places like West London would continue to
flourish thanks to rich non-EU buyers. But a vote to Remain, it
added, would see the market get over the referendum uncertainty
by the last quarter of 2016.

"This is clearly a big decision for all, with many competing
factors and issues but we at Galliard Homes strongly believe that
it is better for the short and long term growth of the London
economy and the wider UK for the country to remain within the
EU."